Qurak Corporations was established 4 years ago by a TCC alumni. Located by the Narrows bridge in Tacoma, the company pridesitself in sustainable geoduck fishing. Business is booming, and the company wants to purchase an additional fishing vessel. Qurak willborrow $225,000 cash on December 1 of the current year by signing a 120-day, 8%, $225,000 note. Prepare journal entries to record(a) issuance of the note, (b) accrual of interest on December 31, and (c) payment of the note at maturity.Complete this question by entering your answers in the tabs below.JEPrepare journal entries to record (a) issuance of the note, (b) accrual of interest on December 31, and (c) payment of the note atmaturity.Note: Use 360 days a year. Do not round intermediate calculations.View transaction list1Record the issuance of the note on December 1.2Record the interest accrued on the note as of December31, current year.3Record payment of the note at maturity, assuming noreversing entries were made on January 1.Note:= journal entry has been entered☑Credit

1. Issuance of the Note on December 1When Qurak borrows $225,000 by issuing a note, the company…

Answered: Qurak Corporations was established 4…

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter16: Tax Research

Section: Chapter Questions

Problem 78AM

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2. The City of Evansville operated a summer camp program for at-risk youth. Businesses and nonprofit organizations sponsor one or more youth by paying the registration fee for program participants. The following Schedule of Cash Receipts and Disbursements summarizes the activity in the program’s bank account for the year. At the beginning of 2024, the program had unrestricted cash of $28,000. Cash Basis 12 months Cash receipts: Registration fees $ 132,000 Borrowing from bank 58,000 Total deposits 190,000 Cash disbursements: Wages 72,400 Payroll taxes and employee benefits 9,700 Insurance (paid monthly) 6,700 Purchase of bus 80,000 Interest on bank note 1,740 Total checks 170,540 Excess of receipts over disbursements $ 19,460 The loan from the bank is dated April 1 and is for a five-year period. Interest (6 percent annual rate) is paid on October 1 and April 1 of each year, beginning October 1, 2024. The bus was purchased on April 1 with the…
The City of Evansville operated a summer camp program for at-risk youth. Businesses and nonprofit organizations sponsor one or more youth by paying the registration fee for program participants. The following Schedule of Cash Receipts and Disbursements summarizes the activity in the program’s bank account for the year. At the beginning of 2020, the program had unrestricted cash of $26,000. Cash Basis 12 months Cash receipts: Registration fees $ 130,000 Borrowing from bank 56,000 Total deposits 186,000 Cash disbursements: Wages 70,800 Payroll taxes 9,500 Insurance (paid monthly) 6,500 Purchase of bus 65,000 Interest on bank note 1,680 Total checks 153,480 Excess of receipts over disbursements $ 32,520 The loan from the bank is dated April 1 and is for a five-year period. Interest (6 percent annual rate) is paid on October 1 and April 1 of…
The Alumni Association of a university desires to award 730,000 pesos scholarship annually to deserving students for as long as its scholarship fund shall last. The fund was started on July 1, 2018 by a donor in the amount five times of 730,000. The Alumni Association invested this sum at that time at 8% per annum and plans on adding an amount of 1000 per year to fund from its dues starting July 1, 2019 for as long as awards are made. For how many years starting July 1, 2019 can scholarship be awarded?
The village of Old Road orders a computer costing $600,000. The village finances the computer by issuing a $600,000 long-term bond at face value. The village receives the computer and pays cash of $600,000. b) Prepare the journal entries to record these events assuming they were recorded in the Enterprise Fund. If no entry is required, select 'No debit (or credit) entry required' in the account field and enter 0 or leave the debit and credit fields blank.
A self employed individual, Jimmy Carpenter, is opening a retirement account at a bank. His goal is to accumulate P2726289 in the account by the time he retires from work in 20 years. A local bank is willing to open a retirement account that pays 10% interest compounded semiannually, throughout the 20 years. He wishes to start with a deposit at the end of the end of 1st semiannual and increase the deposit by 5% per semiannual thereafter. What should be the size of his first semiannual deposit? note: with solution and formula
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4 The City of Evansville operated a summer camp program for at-risk youth. Businesses and nonprofit organizations sponsor one or more youth by paying the registration fee for program participants. The following Schedule of Cash Receipts and Disbursements summarizes the activity in the program’s bank account for the year. At the beginning of 2024, the program had unrestricted cash of $7,000. Cash Basis 12 months Cash receipts: Registration fees $96,500 Borrowing from bank 75,000 Total deposits 171,500 Cash disbursements: Wages 44,000 Payroll taxes and employee benefits 9,575 Insurance (paid monthly) 8,000 Purchase of bus 80,000 Interest on bank note 2,250 Total checks 143,825 Excess of receipts over disbursements $27,675 The loan from the bank is dated April 1 and is for a five-year period. Interest (6 percent annual rate) is paid on October 1 and April 1 of each year, beginning October 1, 2024. The bus was purchased on April 1 with the…
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Jenny owns a large-scale swimming school - Women On Water. To become a member and student, individuals need to sign up for membership, of which there are three levels: Gold, Silver and Bronze. Jenny has come to you for help in preparing her budgets for the next 12 months, ending 31 July 2022. Based on expert marketing analysis, the number of memberships sold next year is expected to be 150 Gold, 100 Silver and 400 Bronze, and the membership fee is $5000, $2000 and $1000, respectively. Gold members have 24-hour-a-day access, including to night access to facilities; Silver members have daily access from 9 a.m. to 5 p.m., and Bronze members have access on weekends between 11 a.m. and 4 p.m. Jenny has hired a number of employees (10) on various salaries: 1 coaching director 3 coaches 2 trainers $150 000 per year $90 000 each per year $90 000 each per year $80 000 each per year $70 000 per year 3 administrative staff 1 medical staff 1 coaching director 3 coaches 2 trainers $150 000 per year…
In need help with preparing the following for journal entries, balance and statement sheets. I would like to know how close I'm to the right answers A donor made a $1,000,000 pledge, giving the foundation a legally enforceable 90-day note for the full amount. The same donor paid $500,000 of the amount pledged. The foundation purchased a building for $900,000, paying $90,000 in cash and giving a ten-year mortgage for the balance. The building has a 25-year useful life. The foundation charges a half-year’s depreciation for all assets in the year they are acquired. The foundation hired five employees. By year-end, these employees have earned $10,000 in salaries and wages for which they have not been paid. The foundation accounts for its activities in a single fund. Prepare journal entries to record the transactions, making the following alternative assumptions as to the fund’s measurement focus: Cash only Cash plus other current financial resources (cash plus short-term receivables…
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